Divisions still evident on accountant licensing

Significant differences of opinion continue to exist between planners and accountants about the benefits of the new accountants limited licensing regime, particularly with respect to self-managed superannuation funds (SMSFs). 

The divisions became clear at the SMSF Professionals’ Association of Australia conference in Brisbane, with Skeggs Goldstein director Adam Goldstein arguing that the limited licensing regime represented an opportunity for accountants to own the space, while Rogerson Kenny partner Brett Kenny urged that accountants stick to their core role and bring in planners as and where required. 

“We like to do what we do well and then leave estate planning and planning to the experts,” he said. 

Goldstein said that accountants who did not take advantage of the licensing arrangements were “looking a gift horse in the mouth”. 

Referring to accountants having been deemed “trusted advisers”, he said the licensing regime actually provided them with an opportunity to own the space. 

“What financial planners do very well is understand what a client wants to do,” he said. “Accountants can take advantage of that, with the result that it represents a combining of the best of skills.” 

Goldstein said he believed this combining of planning and accounting skills was what the future of financial advice would look like. 

However Kenny said his company was happy with the current dynamic and the manner in which it received referrals from planners. 

“If we provided planning in-house we’d lose those referrals,” he said.